Brief: Frontline Confirms Discussions With CMB NV, Euronav On Integrated Solution

Frontline

05/10/2023 14:43

Oct 5 (Reuters) - Euronav NV  EUAV.BR :
    * REFERENCE TO STOCK ANNOUNCEMENT BY EURONAV BV
    * CONFIRMS THAT FRONTLINE, CMB NV AND EURONAV, ARE IN
DISCUSSIONS
ON INTEGRATED SOLUTION TO STRATEGIC AND STRUCTURAL DEADLOCK IN
EURONAV
    * WOULD ACQUIRE A MODERN FLEET OF 24 VLCC TANKERS FROM
EURONAV
FLEET FOR $2.35 BILLION
    * EURONAV'S PENDING ARBITRATION ACTION AGAINST FRONTLINE AND
AFFILIATES WOULD BE TERMINATED CONDITIONAL TO SHARE SALE
    * FRONTLINE, FAMATOWN WILL AGREE TO SELL ALL THEIR SHARES
(REPRESENTING 26.12% OF EURONAV'S ISSUED SHARES) IN EURONAV TO
CMB AT A PRICE OF USD 18.43 PER SHARE
    * DISCUSSIONS BETWEEN PARTIES ARE WELL ADVANCED BUT THERE
CAN BE
NO CERTAINTY THESE DISCUSSIONS WILL LEAD TO AGREEMENT
    * POTENTIAL TRANSACTION IS SUBJECT TO BOARD APPROVAL AND
DOCUMENTATION

Source text for Eikon:  ID:nGNEcg5TLl 
Further company coverage:  EUAV.BR 

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